Latest News & VACUL Headlines
- Total Consumer Credit Rises, as CUs Grab Larger Share
November 10, 2022Total consumer credit rose 6.5% at a seasonally adjusted, annualized rate in September and is up 7.9% compared to a year ago. Revolving credit – primarily credit cards – rose 8.7% and is up 5.8% compared to September 2021. Non-revolving credit – primarily auto loans and education loans – rose 5.7% during the month and is up 5.8% from a year ago.
- NAFCU, DCUC, CUNA Mutual Group Join VFW in Making Request of NCUA
November 10, 2022NAFCU has joined with the Defense Credit Union Council (DCUC), the Veterans of Foreign Wars (VFW), and CUNA Mutual Group to request that the NCUA amend the definition of “qualified charity” in part 721.3 of the agency’s regulations to include 501(c)(19) veterans’ organizations. In the letter, the organizations stated that although federal credit unions are allowed to fund a Charitable Donation Account (CDA), NCUA regulations only allow credit unions to donate to “a charitable organization or other non-profit entity recognized as exempt from taxation under section 501(c)(3) of the Internal Revenue Code.”
- Credit Unions Support ‘Whole of Government’ Approach to Digital Assets, CUNA Tells Treasury
November 10, 2022Credit unions support the “whole-of-government” approach to digital assets to ensure appropriate oversight and regulation of the marketplace, CUNA wrote to the Treasury’s Office of Strategic Policy, Terrorist Financing and Financial Crimes.
- Carrie's Diary: Death and Rebirth
November 10, 2022If you think of an election as a death and rebirth, with each new Congress or state legislative session, we get to reshape and re-think our priorities. At the League, we do that each year under the direction of our board and recommendations from our members, committees, and staff. For us, supporting an environment that allows credit unions to focus on their members serves credit unions in Virginia.
- Chartway Congratulates Two Leaders on New Roles
November 10, 2022Chartway is proud to congratulate two leaders – Melissa Cade and Rob Keatts – on their new roles. Cade has taken on the newly created role of senior vice president of product & innovation, and Keatts has been promoted to executive vice president/chief strategy & information officer.
- Kiggans Ousts Luria, but Democrats Keep Virginia Losses to a Minimum
November 9, 2022Republicans flipped their easiest Virginia target in Tuesday’s midterm elections but fell short of their high expectations as Democrats successfully defended two other contested seats.
- Credit Union Champions Victorious in Tuesday’s Mid-Terms
November 9, 2022Credit union champions from around the country were victorious in Tuesday’s mid-term elections. CUNA, Leagues, and CUNA’s federal PAC, the Credit Union Legislative Action Council, invested $6.6 million in support of 398 candidates on the ballot Tuesday.
- Two Key Banking Policymakers Win Elections
November 9, 2022Rep. Patrick McHenry of North Carolina and Sen. Tim Scott of South Carolina — Republican heirs apparent to leadership positions on the congressional banking committees — handily won reelection, according to the Associated Press, but other closely watched races remained uncalled Tuesday night.
- Risky Business: Protecting Your CU in the Payments Space
November 4, 2022Credit unions are facing various threats in the payments space; here’s what they need to know to protect themselves.
- Northwest FCU Helps Make STEM Education Fun
November 4, 2022To celebrate their 75th anniversary, Northwest Federal Credit Union employee volunteers teamed up with the Northern Virginia Science Center Foundation to assemble 200 STEM kits which will be donated to children in the community.